Movo hails Mutua Madrileña for series A round

Apr 15, 2019 • Jack Hammond

The electric scooter and moped rental platform collected $22.5m in a round led by Mutua Madrileña and backed by Cabify as it prepares to expand in Latin America.

Insurance firm Mutua Madrileña has led a €20m ($22.5m) series A round for Spain-based electric scooter sharing service Movo that included ride hailing platform Cabify and venture capital firm Seaya Ventures.

Founded in 2017, Movo operates an electric scooter and moped rental service spanning six cities across Spain, México, Colombia, Perú and Chile. It was launched by Maxi Mobility, the owner of both Cabify and delivery service Glovo.

In addition to expanding its fleet of vehicles, Movo will use the…

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